When a fleet of limousines dropped off financiers, politicians and celebrities at Blackstone co-founder Stephen Schwarzman’s elaborate 60th birthday party in 2007, few knew that the gold rush was about to end.
When a fleet of limousines dropped off financiers, politicians and celebrities at Blackstone co-founder Stephen Schwarzman’s elaborate 60th birthday party in 2007, few knew that the gold rush was about to end. Blackstone had just completed its $39bn purchase of Equity Office Properties, at the time the biggest private-equity buyout in history, and was on the cusp of buying Hilton Hotels for $26bn.
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